October 21, 2009

STOPPED WITH PROFIT OUT OF THE REST OF $AMGN (AMGEN) AT $56.10

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SHORT ON $CNX (CONSOL ENERGY)

As per our earlier post regarding coal shipment data on the rail roads, our methodology dictated short sell on $CNX from $52.80 as the price pattern appeared to start a double top.

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$AMGN IS APPROACHING THE SUPPORT AREA, MORE SCALE OUT AT $55.90

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CONTINUE SCALING OUT OF $AMGN AS THE STOCK FALLS

Consider scaling out more $AMGN right here around $56.42

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$AMGN ( AMGEN ) EARNINGS PROVE OUR LONGSTANDING THESIS CORRECT.

We have been short on $AMGN. Details in the earnings report prove our thesis to be correct. However in view of the generally bullish market, we suggest taking partial profits right here at $56.92 and tightening the stop band on the rest. Consider exiting the position by scaling out.

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